The Billerica, Mass.-based joint replacement implant maker posted losses of -$6.18 million, or -9¢ per share, on sales of $15.98 million for the three months ended September 30, 2020, for a 28.9% bottom-line gain on a sales decline of -6%.
Adjusted to exclude one-time items, losses per share totaled -9¢, coming in 3¢ ahead of Wall Street projections.
“We were pleased to see a continued resumption of elective primary joint replacement surgery during the third quarter,” said company president & CEO Mark Augusti in a news release. “Given the challenges of managing through the pandemic, I am particularly pleased to see gross margin improvement over last year. The Conformis team has continued to respond well to the challenges presented by the pandemic. We will continue to support our customers as they attempt to return to normal, progress our new product portfolio, and manage our costs appropriately.”
Conformis did not offer guidance for 2020 with the remaining uncertainties surrounding the pandemic.
CFMS shares were up 7.7% at 0.70¢ per share in after-hours trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — ended the day up 1.6%.